MIRA INFORM REPORT

Report No. :	323618
Report Date :	22.05.2015

IDENTIFICATION DETAILS

Name :	ZIRCON EXPORTS PRIVATE LIMITED
Registered Office :	2/25, W.H.S., Kirti Nagar, New Delhi – 110015
Tel. No.:	91-11-25423935/41420433
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	07.07.1994
Com. Reg. No.:	55-060093
Capital Investment / Paid-up Capital :	Rs. 33.065 Million
CIN No.: [Company Identification No.]	U74899DL1994PTC060093
TAN No.: [Tax Deduction & Collection Account No.]	DELZ00300G DELZ00257F DELZ00094D
PAN No.: [Permanent Account No.]	AAACZ0075D
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer, Trader, Exporter and Importers of Timber Logs and Swan Timber.
No. of Employees :	180 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 200000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. As per Registrar of companies the date of balance sheet i.e. financials filed is shown as 31^st March, 2014 but the documents related to the financials for the year 2014 are not available from any sources. As per available financial of 2013, profitability of the company seems to be low. External borrowing of the company also seems to be increasing compared to previous year. However, trade relations are reported to be fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION DENIED BY

Name :	Mr. Sanjeev Jajodio
Designation :	Director
Contact No.:	91-9810115582
Date :	20.05.2015

LOCATIONS

Registered Office :	2/25, W.H.S., Kirti Nagar, New Delhi – 110015, India
Tel. No.:	91-11-25423935/41420433
Fax No.:	91-11-251582865
E-Mail :	info@zircon.co.in
Website :	http://www.zircon.co.in
Area :	750 sq. ft.
Location :	Owned
Factory :	Survey 79/1, 2, 3 and 80/1, 2 Padana Gandhidham, Gujarat, India
Tel. No.:	91-2836-286247
Fax No.:	91-2836-286248
Location :	Owned

DIRECTORS

AS ON 30.09.2014

Name :

Mrs. Sunita Jajodia

Designation :

Director

Address :

P.O. Box-254, 393, Sector-5, Sathwara Colony, Gandhidham, Kutch – 370 201, Gujarat, India

Date of Birth/Age :

17.07.1966

Date of Appointment :

04.08.2001

DIN No.:

00201833

PAN No.:

AEVPJ1454Q

Name :

Mrs. Suman Jajodia

Designation :

Director

Address :

E-107, Greater Kailash-II, New Delhi – 110 048, India

Date of Birth/Age :

06.10.1970

Date of Appointment :

21.12.2005

DIN No.:

00201884

PAN No.:

ABXPJ0018K

Name :

Mrs. Anita Jajodia

Designation :

Director

Address :

P.O. Box-254, 393, Sector-5, Sathwara Colony, Gandhidham, Kutch – 370 201, Gujarat, India

Date of Birth/Age :

13.01.1964

Date of Appointment :

04.08.2001

DIN No.:

00201811

PAN No.:

AEWPJ5744A

Name :

Mr. Sanjeev Raj Kumar Jajodia

Designation :

Director

Address :

E-107, Greater Kailash-II, New Delhi – 110 048, India

Date of Birth/Age :

30.08.1972

Date of Appointment :

04.08.2001

DIN No.:

00190630

PAN No.:

ADEPJ8234R

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U20211DL1997PTC086287	TIRUPATI TRADELINKS PRIVATE LIMITED	Director	31/03/1997	31/03/1997	29/09/2012	Active	NO
2	U74899DL1994PTC060093	ZIRCON EXPORTS PRIVATE LIMITED	Director	04/08/2001	04/08/2001	-	Active	NO

Name :

Mr. Krishna Murari Jajodia

Designation :

Director

Address :

P.O. Box-254, 393, Sector-5, Sathwara Colony, Gandhidham, Kutch – 370 201, Gujarat, India

Date of Birth/Age :

03.06.1964

Date of Appointment :

01.04.2009

DIN No.:

00201791

PAN No.:

AEVPJ1455R

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U20211DL1997PTC086287	TIRUPATI TRADELINKS PRIVATE LIMITED	Director	31/03/1997	31/03/1997	29/09/2012	Active	NO
2	U51109AS1997PTC005046	JAJODIA TRADEINVEST PVT LTD	Director	15/04/1997	15/04/1997	-	Active	NO
3	U74899DL1994PTC060093	ZIRCON EXPORTS PRIVATE LIMITED	Director	01/04/2009	01/04/2009	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Jajodia Devi Sunita	320900
Jajodia Devi Anita	243500
Jajodia Kumar Sanjeev	408100
Jajodia Kishor Jugal	500
Janaksons Import Export Private Limited	85000
United White Metal Limited	210000
SubhashTaneja	10000
Jugal Kishore Jajodia HUF	24000
Raj Kumar Jajodia HUF	35000
Raj Kumar Jajodia	41700
Nirmala Devi Jajodia	207500
Suman Jajodia	148300
Krishna Murari Jajodia	360000
Suresh Kumar Jajodia	140000
Suresh Kumar Jajodia HUF	40000
Manoj Kumar Jajodia	500
Tirupati Trade Links Private Limited, India	870000
Chandan Ben Mani Bhai Gala	100
Chhaya Rajesh Nagada	100
Rajesh M. Nagada	100
Yash Jajodia	59300
Rahul Jajdia	69700
Jajodia Kumar Sanjeev HUF	32200
Total	3306500

AS ON 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Bodies corporate	37.00
Directors or relatives of Directors	62.00
Other top fifty shareholders	1.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Trader, Exporter and Importers of Timber Logs and Swan Timber.
Products :	Timber Logs Swan Timber
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Timber logs and Swan Timbers
Countries :	Newzealand USA
Imports :
Products :	Raw Material
Countries :	Newzealand USA
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

GENERAL INFORMATION

Suppliers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available

Customers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available

No. of Employees :

Not Available

Bankers :

• State Bank of Myosre, Antriksh Bhavan, 22 K.G. Marg, Connaught Place, New Delhi – 110001, India
• The Karur Vysya Bank Limited, Ramesh Nagar Branch, B-97, Sharadpuri, Radhey Shyam Mandir, Chowk Ramesh Nagar, New Delhi – 110015, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Term Loan from bank	0.022	0.550
SHORT TERM BORROWINGS
Loan repayable on demand from banks	21.616	26.137
Total	21.638	26.687

Auditors :
Name :	Sanjay Chopra and Company Chartered Accountants
Address :	G-80, Lajpat Nagar-1, New Delhi – 110024, India
Tel No.:	91-11-29818446/ 29817164/ 29815857
Fax No.:	91-11-29815857
E-Mail :	sanjaychopraca@hotmail.com
PAN No.:	AARFS3500L
Memberships :	Not Available
Collaborators :	Not Available
Associates :	Jajodia Trade Invest Private Limited
Relative of Key Management Personnel :	Krishan Murari Jajodia HUF Sanjeev Jajodia HUF Tirupati Tradelinks Private Limited

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
3500000	Equity Shares	Rs. 10/- each	Rs. 35.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3306500	Equity Shares	Rs. 10/- each	Rs. 33.065 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	33.065	31.074	24.778
(b) Reserves & Surplus	40.415	36.516	28.361
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.845
Total Shareholders’ Funds (1) + (2)	73.480	67.590	53.984
(3) Non-Current Liabilities
(a) long-term borrowings	94.353	91.804	70.704
(b) Deferred tax liabilities (Net)	5.543	4.970	5.241
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	99.896	96.774	75.945
(4) Current Liabilities
(a) Short term borrowings	22.237	27.402	24.538
(b) Trade payables	293.914	438.846	200.757
(c) Other current liabilities	12.318	7.075	29.323
(d) Short-term provisions	0.507	1.357	0.919
Total Current Liabilities (4)	328.976	474.680	255.537
TOTAL	502.352	639.044	385.466
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	84.481	87.990	91.176
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1.417	1.479	1.481
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	85.898	89.469	92.657
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	129.544	108.240	68.023
(c) Trade receivables	185.044	220.476	170.222
(d) Cash and cash equivalents	70.223	162.644	1.205
(e) Short-term loans and advances	31.233	34.080	30.145
(f) Other current assets	0.410	24.135	23.214
Total Current Assets	416.454	549.575	292.809
TOTAL	502.352	639.044	385.466

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income
		Other Income
		TOTAL	639.100	666.297	571.427
Less	EXPENSES
		TOTAL	631.372	657.698	549.410
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		7.728	8.599	22.017
Less/ Add	DEPRECIATION/ AMORTISATION		5.114	5.044	23.366
	PROFIT/ (LOSS) BEFORE TAX		2.614	3.555	-1.349
Less	TAX		1.055	1.093	-3.118
	PROFIT/ (LOSS) AFTER TAX		1.559	2.462	1.769
	IMPORTS
		Raw Materials	451.807	382.215	333.579
	TOTAL IMPORTS		451.807	382.215	333.579
	Earnings / (Loss) Per Share (Rs.)		0.47	0.74	0.54

Expected Sales (2014-15): Rs. 155.900 Million

The above information has been parted by Mr. Sanjeev Jajodia (Director)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	0.24	0.37	0.31
Return on Total Assets (PBT/Total Assets}	(%)	0.52	0.56	(0.35)
Return on Investment (ROI) (PBT/Networth)		0.04	0.05	(0.02)
Debt Equity Ratio (Total Debts/Networth)		1.59	1.76	1.76
Current Ratio (Current Asset/Current Liability)		1.27	1.16	1.15

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	24.778	31.074	33.065
Reserves & Surplus	28.361	36.516	40.415
Net worth	53.139	67.590	73.480
long-term borrowings	70.704	91.804	94.353
Short term borrowings	24.538	27.402	22.237
Total borrowings	95.242	119.206	116.590
Debt/Equity ratio	1.792	1.764	1.587

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	571.427	666.297	639.100
		16.602	(4.082)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	571.427	666.297	639.100
Profit	1.769	2.462	1.559
	0.31%	0.37%	0.24%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	Yes
5	Buyer visit details	-----
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	-----
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	----
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	-----
33	Market information	-----
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10475672	15/01/2014	298,750,000.00	THE KARUR VYSYA BANK LTD	RAMESH NAGAR Branch B-97 SHARADAPURI, RADHEY SH  YAM MANDIR CHOWK RAMESH NAGAR, NEW DELHI, NEW DELHI, Delhi - 110015, INDIA	B95527867
2	10363344	05/06/2012	660,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA	B42764282

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Loans and advaces from related parties	55.862	52.480
From others	38.469	38.774
SHORT TERM BORROWINGS
Other loans and advances	0.621	1.265
Total	94.952	92.519

FIXED ASSETS

• Land
• Buildings
• Plant and Machinery
• Furniture and Fixture
• Vechicles
• Office Equipment

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 63.70
UK Pound	1	Rs. 98.92
Euro	1	Rs. 70.61

INFORMATION DETAILS

Information Gathered by :	MAN
Analysis Done by :	RAS
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	2
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.